David Rennie, director of oil and gas at Scottish Enterprise, said: "We know that the remaining recoverable resources on the UK Continental Shelf should ensure production for decades to come and the high level of activity, as set out in this report, will create significant opportunities for companies in the sector.

"The industry-led Oil and Gas Strategy has already highlighted the importance of the sector for the Scottish economy, and the development of a number of new and existing fields play a key role in this."

Energy Minister Fergus Ewing said the report clearly demonstrated the vast potential of the oil and gas sector in Scotland.

He added: "With more than half of the value of the North Sea's oil and gas reserves yet to be extracted, up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, I am sure the sector will remain an enormous economic resource for decades to come."